A trust shall be eligible for the ad valorem tax exemption established under Article VII, Section 21(K) of the Louisiana Constitution which provides an exemption for a disabled veteran or a surviving spouse if all of the following apply:
(1) The settlor or settlors of the trust meet the conditions for eligibility established under Article VII, Section 21(K) of the Louisiana Constitution.
(2) The settlor or settlors of the trust were the immediate prior owners of the homestead.
(3) The naked ownership of the homestead was transferred to the trust.
(4) The settlor or settlors retained a usufruct on the homestead.
(5) The settlor or settlors continue to occupy the homestead.
(6) The settlor or settlors would have been eligible for the exemption established under Article VII, Section 21(K) of the Louisiana Constitution had they retained the naked ownership of the homestead.